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IPO target size: Up to C$1 billion (US$730 million)
Potential to be Canada's largest IPO since 2021
Employees: 6,000
Annual production: 25 billion doses
Markets served: 70 countries
2023 acquisition valuation: C$3–4 billion The outcome of the Apotex IPO is expected to set the tone for Canada's broader IPO market. As interest from Korean healthcare and biotech companies in TSX listings may increase on the back of this momentum, proactive relationship-building with the lead underwriters — RBC Capital Markets and TD Securities — is recommended.
Capital Markets January 8, 2026 · 3 min read
Apotex Plans Up to C$1 Billion IPO on Toronto Stock Exchange
Apotex Plans Up to C$1 Billion IPO on Toronto Stock Exchange
Key Takeaway
Apotex Inc., Canada's largest pharmaceutical company, is pursuing an IPO of up to C$1 billion on the TSX in the first half of 2026. If completed, it would be Canada's largest IPO since Definity Financial in 2021, signaling a recovery in Canadian capital markets and pointing to an improved environment for large-scale listings relevant to Rise Partners clients.
# Apotex Plans Up to C$1 Billion IPO on Toronto Stock Exchange
Executive Summary
Apotex Inc., Canada's largest pharmaceutical company, is pursuing an IPO of up to C$1 billion on the TSX in the first half of 2026. If completed, it would mark Canada's largest IPO since Definity Financial in 2021, signaling a meaningful recovery in Canadian capital markets. For Rise Partners clients, this points to an improving environment for large-scale IPO activity.Details
As [reported by the Globe and Mail](https://www.theglobeandmail.com/business/article-apotex-plans-1-billion-initial-public-offering/), Apotex is a Toronto-based pharmaceutical company with 6,000 employees producing 25 billion doses of medication annually, sold across 70 countries. The company was acquired in 2023 by New York-based SK Capital Partners at a valuation of C$3–4 billion. RBC Capital Markets, Jefferies Financial Group, and TD Securities are advising on the transaction. ([Bloomberg](https://www.bloomberg.com/news/articles/2026-02-23/drugmaker-apotex-is-said-to-seek-730-million-in-first-half-ipo))Key Data
Rise Partners Implications
Implications
- The success of the Apotex IPO is expected to shape overall sentiment in Canada's IPO market. Given the potential for increased interest from Korean healthcare and biotech companies in TSX listings, Rise Partners should proactively develop relationships with the lead underwriting network — particularly RBC Capital Markets and TD Securities.